Investors score $36M loan to renovate Publix-anchored shopping center in Kendall

Crossings Shopping Village is getting new 47K sf Publix, facade, parking field, lighting and landscaping

Miami /
Apr.April 22, 2022 01:30 PM
12955 Southwest 112th Street (Aztec Group)

12955 Southwest 112th Street (Aztec Group)

A Miami Lakes investment duo scored a $35.6 million loan for a major makeover of their Publix-anchored shopping center in Kendall.

An entity managed by Michael and Spencer Friedman, who lead CF Properties, a Miami Lakes-based boutique commercial real estate investment and management firm, owns Crossings Shopping Village, at 12955 Southwest 112th Street.

Howard Taft, Charles Penan and Joel Zusman, with Miami-based real estate investment and merchant banking firm Aztec Group, secured the financing for the Crossings Shopping Village renovation project from Valley Bank, according to a release.

In 1987, the Friedmans paid $6.9 million for the 106,600-square-foot shopping center, which was built in 1982, according to records. In addition to Publix, the retail center’s tenants also include CVS and YouFit, the release states.

The financing will cover construction of a new 47,000-square-foot Publix, as well as a new facade, parking field, lighting, and landscaping, the release states. A portion of the funds will also be used to acquire an adjacent parcel of land at the corner of Southwest 112th Street and Southwest 132nd Avenue occupied by a gas station.

In a statement, Aztec Group’s Zusman said Publix has been the shopping center’s anchor tenant for 40 years and recently renewed a long-term lease. The new grocery store will ensure the future strength and stability of Crossings Shopping Village, Zusman added.

Founded in 1993, CF Properties has 10 properties under management across a variety of asset classes totaling about 1 million square feet, according to the firm’s website.

Publix-anchored shopping centers are typically hot commodities in South Florida’s retail sector. In February, Jacksonville-based Sleiman Enterprises paid $48 million for Delray Square in Delray Beach. Built in 1976 on 16 acres, the shopping center was redeveloped in 2019 with Publix moving into a new 45,600-square-foot building.

In December, Germany’s Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million. And two months earlier, in a blockbuster deal, a joint venture of Kimco Realty and Blackstone paid $425.8 million for a 70 percent interest in five South Florida Publix-anchored shopping centers and one in Georgia.





    Related Articles

    arrow_forward_ios
    BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
    Emerald Empire pays $25M for shopping center near Boca Raton
    Emerald Empire pays $25M for shopping center near Boca Raton
    Sterling Organization managing principal and CEO Brian Kosoy and Coral Landings III at 6166 and 6200 West Sample Road (Sterling Organization, LoopNet)
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...